When it comes to retirement many people have heard of a Traditional IRA.
These accounts are either trust accounts or custodial accounts set up for the benefit of the owner and their named beneficiaries. IRA accounts are not qualified plans such as 401(k)s.
IRAs permit individuals to set aside funds for retirement within specified limits. The two main tax benefits of a Traditional IRA are:
- tax deductibility of contributions
- tax deferral on interest & investment gains
We help our clients understand:
- the deductibility of contributions
- how their IRA fits into their retirement income plan
- potential distributions issues including Required Minimum Distributions (RMDs)
- estate planning concerns that come along with beneficiary designations
We also help clients further minimize taxes on their overall financial and retirement plans by employing asset location techniques designed to help keep more of the returns earned.
Lastly often overlooked are Spousal IRAs, which can greatly enhance retirement savings and help you reach your retirement savings goals.